LendingClub Corporation (LC) shares surged 27.77% in after-hours on Wednesday, October 27, 2021, and closed the daily trading at $40.40. However, in the regular trading session, LC’s stock lost 8.88%. LC shares have risen 568.50% over the last 12 months, and they have moved down 10.09% in the past week. Over the past three months, the stock has gained 31.64%, while over the past six months, it has soared 97.75%.
Let’s have a brief look at its recent developments.
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LC recent financial results announcement
On October 27, 2021, LendingClub Corporation (LC) announced financial results for the third quarter ended September 30, 2021.
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Q3 2021 financial highlights
- LC reported record revenue of $246.2 million in Q3 2021 compared to $71.04 million in Q3 2020.
- Total interest expenses were $17.57 million in Q3 2021.
- Total non-interest expenses were $178.77 million in Q3 2021.
- It earned Net income of $27.2 million and earnings per share of $0.26in Q3 2021 compared to $34.3 million of net income and earnings per share of $0.38 in Q3 2020.
Q4 and FY 2021 financial guidance
- For Q4 2021, the company is expecting total revenue in the range of $240 million to $250 million and net income of $20 million to $25 million.
- For FY 2021, the company is expecting total revenue in the range of $796 million to $806 million and net income in the range of $9million to $14 million.
LC expand investor access
On September 9, 2021, LendingClub Corporation (LC) extended the capabilities of its electronic trading platform LCX to include LCX Link. This innovation opens access and removes friction for institutional platform investors, allowing them to automatically purchase, sell and settle loan transactions through LCX without the need for technology infrastructure or the ability to build connectivity.
LC participation in the recent investor conference
LendingClub Corporation (LC) recently participated at the JMP Securities Fintech Forum which was held on September 10, 2021. The company was presented by its Chief Financial Officer Tom Casey and its Chief Consumer Banking Officer Ronnie Momen during the event.
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Conclusion
The recent financial results were the reason behind its exceptional performance in the after-hours on Wednesday. we can expect it to continue its momentum on Thursday as well.
